Great Quest Announces Private Placement
VANCOUVER, BRITISH COLUMBIA (December 18, 2013) - Great Quest Metals Ltd (the "Company") (TSX-V: GQ) today announced that it intends to complete a non-brokered private placement of up to 850,000 units at a price of $0.60 per unit for gross proceeds of around $500,000. Each unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will be exercisable for one common share at a price of $0.80 per share for a period of three years from the date of issue, subject to the Company's right to accelerate the expiry of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to, or exceeds $1.20 for a period of 20 consecutive trading days during the term of the warrant.
The terms and completion of the private placement are subject to TSX Venture Exchange approval. The Company may pay finder's fees in connection with the private placement. The net proceeds from the placement will be used by the Company for operations and general working capital purposes.
About Great Quest
Great Quest Metals Ltd. is a Canadian mineral exploration company focused on the development of African agricultural mineral projects for local production of farm ready fertilizers. The Company's flagship asset is the Tilemsi Phosphate Project, encompassing 1,206 km² in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
President, Chief Executive Officer and Director
For more information:
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results. We seek safe harbor.